Fung Retailing Group, with a network of over 3,300 stores, and Chinese e-commerce retailer JD.com have unveiled Hong Kong’s first artificial intelligence (AI)-powered checkout solution in a retail store environment.
As the second pilot test experiment of the AI Boundaryless Retail Center, composed of AI and retail technology experts from Fung Retailing Group and JD.com, this is the first AI checkout experience featuring image recognition technology in Hong Kong. This technology is currently installed at the A.I.Retailing Zone in two Circle K stores in Hong Kong.
Designed to make the checkout experience as easy and hassle-free as possible, customers can complete the checkout process using the AI-powered checkout solution in just four seconds with three simple steps: Place products on the smart checkout counter; press the A.I.Recognition (A.I.R.) button on the cashier screen to scan the products; and complete payment with an Octopus card.
The advanced AI algorithm behind the solution enables the checkout counter to recognise up to five products within one second with an accuracy rate of over 97%, reducing the overall in-store checkout time by 30%.
“This is an important milestone for Fung Retailing as the first in the industry to unveil the first AI-powered checkout pilot experience in a convenience store environment,” says Sabrina Fung, group managing director of Fung Retailing Group. “This underscores our on-going commitment to experiment with new technologies like AI and to build partnerships like the one with JD.com to enhance the end-customer experience, further transforming the future of retail for Greater China.”
“AI will continue to play a critical role in transforming the retail landscape. Retailers who are able to capitalise on this trend will have a competitive edge among their peers. Leveraging Fung Retailing’s offline retail expertise and JD.com’s leading retail technology, this pilot project represents a critical first step in collectively realizing our vision for smarter and more convenient retail,” adds Dr Bowen Zhou, vice president of JD.com and head of JD’s AI Platform and Research.